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Power and Plenty: Trade, War, and the World Economy in the Second Millennium

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Overview

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.

Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth.

Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.

Read More Show Less

Editorial Reviews

From the Publisher
"The excellent new book Power and Plenty explains why some countries are rich, and why others are not. [Recent books] all try to explain the biggest question of the modern world: why some [countries] are rich and other poor. Now, we have...Power and Plenty, a tome that combines the interpretive focus of the new school of explainers with the breadth and depth of the old narratives. They also put neoliberal economic theory to the historical test by asking what it would predict, and then contrasting those forecasts with history's actual path. Findlay and O'Rourke tell their tale exceptionally well."—Eric Rauchway, The New Republic

"[A] splendidly ambitious new book...an excellent reference book for anyone wanting a better understanding of economic developments in the last millennium."Economist

"Aiming at nothing less than documenting the history of world trade over the last 1,000 years, Power and Plenty...appears to be required reading...for the purposes of better understanding how the world works."—Andrew Leonard, Salon.com

"This new history of the last thousand years of world trade is remarkable in both its grand sweep and its scholarly depth. It pieces together the story of global commerce from the medieval spice traders and nomads of Central Asia to the discovery and incorporation of the New World, to the Industrial Revolution and the rise of Europe, and to the globalizing forces of the postwar world economy. One theme is the importance of the 'vast webs of interrelationships' between western Europe and other regions that, beginning in the medieval period, set the stage for modern economic growth. The other theme is the critical role of war in propelling economic change through upheaval and adaptation."—G. John Ikenberry, Foreign Affairs

"Power and Plenty is a wide-ranging survey, both of the facts and of the literature, not an essay organized around a single thesis. It takes on, and treats seriously, a ton of material. Bearing that in mind, it is...engaging...well written, spiced with nuggets of fascinating information and dry wit. [Findlay and O'Rourke's] economics is sophisticated and mainstream...but enriched with an unusual attention to noneconomic factors—or, as the authors put it, 'a sustained emphasis on conflict, violence and geopolitics.'"—Clive Crook, Financial Times

"[A] solid new book. Power and Plenty is an ambitious endeavor that examines the works in the second millennium in light of globalization, deglobalization, reglobalization, and globalization as we know it today. The book fills a gap by scrutinizing the technological and political causes behind the long-term trends during the past thousand years. [The authors] have drawn exhaustively on the historical, political, and economic literature of the relevant periods for virtually all the major regions in the world."—Wan Lixin, Shanghai Daily

"In this magnificently conceived and executed work, Findlay and O'Rourke set out the history of global trade and show how it has been influenced by economic development and politics over the last thousand years. The authors have an important story to tell and they tell it superbly. This is a work brimming with scholarship, deftly combining narrative history with accessible economic analysis. This is a goldmine of a book. Open it where you will, there are nuggets to be extracted. It will remain the standard work on the history of world trade and indeed the development of the world economy for many years to come."—Frank Geary, Irish Times

"This magisterial volume presents an analytical history of world trade from 1000 CE to the present, with informed speculation about future trends thrown in for good measure. It is a very considerable achievement, for which Findlay and O'Rourke deserve great praise."—M. Veseth, Choice

"[T]he best book of its sort since David Landes' Wealth and Poverty of Nations."—David Warsh, Economic Principals

"[T]his is a big, important work. . . . The authors have mastered an incredibly voluminous literature . . . and produced the only truly comprehensive history of trade in the second millennium. . . . [T]his is a book that should be widely read."—David S. Jacks, World Trade Review

"International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium."Wider Angle

"This is a well researched volume which is simply delightful to read. In most of the topics about which I have some knowledge, I found the analyses and the judgments offered by the authors both balanced and insightful. I expect this book will remain the standard text for many years to come."—Sevket Pamuk, EH.Net

"This is a huge enterprise, an illuminating work, a tour de force that successfully combines political and economic history of a thousand years. . . . A major contribution to the history of and debates about globalization."—Ivan T. Berend, International History Review

"Power and Plenty serves as an excellent one-volume survey on the role played by the interaction of economic and political forces in shaping the world economy of the last 1000 years. The book should be read by any serious student of world economic history, international trade, or international relations."—John T. Dalton, Southern Economic Journal

"Power and Plenty . . . with its depth and extensive coverage, makes an excellent reference work for the study world history and the history of world trade. It is a work of superb scholarship befitting the scholarly reputations of each of the co-authors, Findlay for his work in the theory of international trade and development and O'Rourke for his studies in economic history and globalization. This book will be widely read, cited, and discussed as a landmark volume on its subjects."—Stanley Engerman, New Global Studies

"By adopting a broad view across such an expanse of both space and time, Findlay and O'Rourke are able to perceive patterns that few others have identified and bring a compelling new perspective to several historical and theoretical debates that benefit from a larger view."—Robert D. Fannion, Comparative Political Studies

"Findlay and O'Rourke provide an impressive survey of 1000 years of trade and its interaction with geopolitics and political economy on a global scale that strives consciously to avoid a Eurocentric stance. . . . [T]his is a compelling and valuable volume."—C. Knick Harley, Economic History Review

"Almost anyone researching an aspect of the history of international trade will find this an excellent and stimulating starting point and will be aided by an impressive bibliography that includes many older classics as well as recent additions to the literature."—Simon Ville, International Journal of Maritime History

"[T]his book is indispensible for scholars who seek answers to questions such as: How did the world economy evolve into its present form? What events shaped its current characteristics? What roles did trade play in shaping the modern world economy? Power and Plenty, an exemplary feat of scholarship, fully answers all these questions."—Farhad Rassekh, International Review of Economics & Finance

"Power and Plenty is a fascinating book of both world history and economic history, full of detail on both accounts. . . . These ancient intrigues in unfamiliar times and places make for fascinating reading and remind us of how little progress people have made in resisting imperialism throughout the ages. On a more serious note, the book also provides an excellent window into the continuing costs of imperialism."—Michael Perelman, Review of Radical Political Economics

"[T]his book is a masterful synthesis of economic analysis and historical narrative. It demands quite a lot of its readers, however, as its more than 600 pages are packed with facts, conclusions and implications for economic development, never hesitating to elaborate on the complexities of international trade relations during the last millennium."—Erik Lindberg, Scandinavian Economic History Review

Economist
[A] splendidly ambitious new book...an excellent reference book for anyone wanting a better understanding of economic developments in the last millennium.
Choice
This magisterial volume presents an analytical history of world trade from 1000 CE to the present, with informed speculation about future trends thrown in for good measure. It is a very considerable achievement, for which Findlay and O'Rourke deserve great praise.
— M. Veseth
Irish Times
In this magnificently conceived and executed work, Findlay and O'Rourke set out the history of global trade and show how it has been influenced by economic development and politics over the last thousand years. The authors have an important story to tell and they tell it superbly. This is a work brimming with scholarship, deftly combining narrative history with accessible economic analysis. This is a goldmine of a book. Open it where you will, there are nuggets to be extracted. It will remain the standard work on the history of world trade and indeed the development of the world economy for many years to come.
— Frank Geary
Financial Times
Power and Plenty is a wide-ranging survey, both of the facts and of the literature, not an essay organized around a single thesis. It takes on, and treats seriously, a ton of material. Bearing that in mind, it is...engaging...well written, spiced with nuggets of fascinating information and dry wit. [Findlay and O'Rourke's] economics is sophisticated and mainstream...but enriched with an unusual attention to noneconomic factors—or, as the authors put it, 'a sustained emphasis on conflict, violence and geopolitics.'
— Clive Crook
Foreign Affairs
This new history of the last thousand years of world trade is remarkable in both its grand sweep and its scholarly depth. It pieces together the story of global commerce from the medieval spice traders and nomads of Central Asia to the discovery and incorporation of the New World, to the Industrial Revolution and the rise of Europe, and to the globalizing forces of the postwar world economy. One theme is the importance of the 'vast webs of interrelationships' between western Europe and other regions that, beginning in the medieval period, set the stage for modern economic growth. The other theme is the critical role of war in propelling economic change through upheaval and adaptation.
— G. John Ikenberry
The New Republic
The excellent new book Power and Plenty explains why some countries are rich, and why others are not. [Recent books] all try to explain the biggest question of the modern world: why some [countries] are rich and other poor. Now, we have...Power and Plenty, a tome that combines the interpretive focus of the new school of explainers with the breadth and depth of the old narratives. They also put neoliberal economic theory to the historical test by asking what it would predict, and then contrasting those forecasts with history's actual path. Findlay and O'Rourke tell their tale exceptionally well.
— Eric Rauchway
Salon.com
Aiming at nothing less than documenting the history of world trade over the last 1,000 years, Power and Plenty...appears to be required reading...for the purposes of better understanding how the world works.
— Andrew Leonard
International History Review
This is a huge enterprise, an illuminating work, a tour de force that successfully combines political and economic history of a thousand years. . . . A major contribution to the history of and debates about globalization.
— Ivan T. Berend
International Journal of Maritime History
Almost anyone researching an aspect of the history of international trade will find this an excellent and stimulating starting point and will be aided by an impressive bibliography that includes many older classics as well as recent additions to the literature.
— Simon Ville
Economic History Review
Findlay and O'Rourke provide an impressive survey of 1000 years of trade and its interaction with geopolitics and political economy on a global scale that strives consciously to avoid a Eurocentric stance. . . . [T]his is a compelling and valuable volume.
— C. Knick Harley
EH.Net
This is a well researched volume which is simply delightful to read. In most of the topics about which I have some knowledge, I found the analyses and the judgments offered by the authors both balanced and insightful. I expect this book will remain the standard text for many years to come.
— Sevket Pamuk
Southern Economic Journal
Power and Plenty serves as an excellent one-volume survey on the role played by the interaction of economic and political forces in shaping the world economy of the last 1000 years. The book should be read by any serious student of world economic history, international trade, or international relations.
— John T. Dalton
Comparative Political Studies
By adopting a broad view across such an expanse of both space and time, Findlay and O'Rourke are able to perceive patterns that few others have identified and bring a compelling new perspective to several historical and theoretical debates that benefit from a larger view.
— Robert D. Fannion
Shanghai Daily
[A] solid new book. Power and Plenty is an ambitious endeavor that examines the works in the second millennium in light of globalization, deglobalization, reglobalization, and globalization as we know it today. The book fills a gap by scrutinizing the technological and political causes behind the long-term trends during the past thousand years. [The authors] have drawn exhaustively on the historical, political, and economic literature of the relevant periods for virtually all the major regions in the world.
— Wan Lixin
World Trade Review
[T]his is a big, important work. . . . The authors have mastered an incredibly voluminous literature . . . and produced the only truly comprehensive history of trade in the second millennium. . . . [T]his is a book that should be widely read.
— David S. Jacks
Economic Principals
[T]he best book of its sort since David Landes' Wealth and Poverty of Nations.
— David Warsh
Wider Angle
International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.
New Global Studies
Power and Plenty . . . with its depth and extensive coverage, makes an excellent reference work for the study world history and the history of world trade. It is a work of superb scholarship befitting the scholarly reputations of each of the co-authors, Findlay for his work in the theory of international trade and development and O'Rourke for his studies in economic history and globalization. This book will be widely read, cited, and discussed as a landmark volume on its subjects.
— Stanley Engerman
International Review of Economics & Finance
[T]his book is indispensible for scholars who seek answers to questions such as: How did the world economy evolve into its present form? What events shaped its current characteristics? What roles did trade play in shaping the modern world economy? Power and Plenty, an exemplary feat of scholarship, fully answers all these questions.
— Farhad Rassekh
Review of Radical Political Economics
Power and Plenty is a fascinating book of both world history and economic history, full of detail on both accounts. . . . These ancient intrigues in unfamiliar times and places make for fascinating reading and remind us of how little progress people have made in resisting imperialism throughout the ages. On a more serious note, the book also provides an excellent window into the continuing costs of imperialism.
— Michael Perelman
Scandinavian Economic History Review
[T]his book is a masterful synthesis of economic analysis and historical narrative. It demands quite a lot of its readers, however, as its more than 600 pages are packed with facts, conclusions and implications for economic development, never hesitating to elaborate on the complexities of international trade relations during the last millennium.
— Erik Lindberg
The New Republic
The excellent new book Power and Plenty explains why some countries are rich, and why others are not. [Recent books] all try to explain the biggest question of the modern world: why some [countries] are rich and other poor. Now, we have...Power and Plenty, a tome that combines the interpretive focus of the new school of explainers with the breadth and depth of the old narratives. They also put neoliberal economic theory to the historical test by asking what it would predict, and then contrasting those forecasts with history's actual path. Findlay and O'Rourke tell their tale exceptionally well.
— Eric Rauchway
Review of Radical Political Economics
Power and Plenty is a fascinating book of both world history and economic history, full of detail on both accounts. . . . These ancient intrigues in unfamiliar times and places make for fascinating reading and remind us of how little progress people have made in resisting imperialism throughout the ages. On a more serious note, the book also provides an excellent window into the continuing costs of imperialism.
— Michael Perelman
Scandinavian Economic History Review
[T]his book is a masterful synthesis of economic analysis and historical narrative. It demands quite a lot of its readers, however, as its more than 600 pages are packed with facts, conclusions and implications for economic development, never hesitating to elaborate on the complexities of international trade relations during the last millennium.
— Erik Lindberg
The New Republic - Eric Rauchway
The excellent new book Power and Plenty explains why some countries are rich, and why others are not. [Recent books] all try to explain the biggest question of the modern world: why some [countries] are rich and other poor. Now, we have...Power and Plenty, a tome that combines the interpretive focus of the new school of explainers with the breadth and depth of the old narratives. They also put neoliberal economic theory to the historical test by asking what it would predict, and then contrasting those forecasts with history's actual path. Findlay and O'Rourke tell their tale exceptionally well.
Salon.com - Andrew Leonard
Aiming at nothing less than documenting the history of world trade over the last 1,000 years, Power and Plenty...appears to be required reading...for the purposes of better understanding how the world works.
Foreign Affairs - G. John Ikenberry
This new history of the last thousand years of world trade is remarkable in both its grand sweep and its scholarly depth. It pieces together the story of global commerce from the medieval spice traders and nomads of Central Asia to the discovery and incorporation of the New World, to the Industrial Revolution and the rise of Europe, and to the globalizing forces of the postwar world economy. One theme is the importance of the 'vast webs of interrelationships' between western Europe and other regions that, beginning in the medieval period, set the stage for modern economic growth. The other theme is the critical role of war in propelling economic change through upheaval and adaptation.
Financial Times - Clive Crook
Power and Plenty is a wide-ranging survey, both of the facts and of the literature, not an essay organized around a single thesis. It takes on, and treats seriously, a ton of material. Bearing that in mind, it is...engaging...well written, spiced with nuggets of fascinating information and dry wit. [Findlay and O'Rourke's] economics is sophisticated and mainstream...but enriched with an unusual attention to noneconomic factors—or, as the authors put it, 'a sustained emphasis on conflict, violence and geopolitics.'
Shanghai Daily - Wan Lixin
[A] solid new book. Power and Plenty is an ambitious endeavor that examines the works in the second millennium in light of globalization, deglobalization, reglobalization, and globalization as we know it today. The book fills a gap by scrutinizing the technological and political causes behind the long-term trends during the past thousand years. [The authors] have drawn exhaustively on the historical, political, and economic literature of the relevant periods for virtually all the major regions in the world.
Irish Times - Frank Geary
In this magnificently conceived and executed work, Findlay and O'Rourke set out the history of global trade and show how it has been influenced by economic development and politics over the last thousand years. The authors have an important story to tell and they tell it superbly. This is a work brimming with scholarship, deftly combining narrative history with accessible economic analysis. This is a goldmine of a book. Open it where you will, there are nuggets to be extracted. It will remain the standard work on the history of world trade and indeed the development of the world economy for many years to come.
Choice - M. Veseth
This magisterial volume presents an analytical history of world trade from 1000 CE to the present, with informed speculation about future trends thrown in for good measure. It is a very considerable achievement, for which Findlay and O'Rourke deserve great praise.
Economic Principals - David Warsh
[T]he best book of its sort since David Landes' Wealth and Poverty of Nations.
World Trade Review - David S. Jacks
[T]his is a big, important work. . . . The authors have mastered an incredibly voluminous literature . . . and produced the only truly comprehensive history of trade in the second millennium. . . . [T]his is a book that should be widely read.
EH.Net - Sevket Pamuk
This is a well researched volume which is simply delightful to read. In most of the topics about which I have some knowledge, I found the analyses and the judgments offered by the authors both balanced and insightful. I expect this book will remain the standard text for many years to come.
International History Review - Ivan T. Berend
This is a huge enterprise, an illuminating work, a tour de force that successfully combines political and economic history of a thousand years. . . . A major contribution to the history of and debates about globalization.
Southern Economic Journal - John T. Dalton
Power and Plenty serves as an excellent one-volume survey on the role played by the interaction of economic and political forces in shaping the world economy of the last 1000 years. The book should be read by any serious student of world economic history, international trade, or international relations.
New Global Studies - Stanley Engerman
Power and Plenty . . . with its depth and extensive coverage, makes an excellent reference work for the study world history and the history of world trade. It is a work of superb scholarship befitting the scholarly reputations of each of the co-authors, Findlay for his work in the theory of international trade and development and O'Rourke for his studies in economic history and globalization. This book will be widely read, cited, and discussed as a landmark volume on its subjects.
Comparative Political Studies - Robert D. Fannion
By adopting a broad view across such an expanse of both space and time, Findlay and O'Rourke are able to perceive patterns that few others have identified and bring a compelling new perspective to several historical and theoretical debates that benefit from a larger view.
Economic History Review - C. Knick Harley
Findlay and O'Rourke provide an impressive survey of 1000 years of trade and its interaction with geopolitics and political economy on a global scale that strives consciously to avoid a Eurocentric stance. . . . [T]his is a compelling and valuable volume.
International Journal of Maritime History - Simon Ville
Almost anyone researching an aspect of the history of international trade will find this an excellent and stimulating starting point and will be aided by an impressive bibliography that includes many older classics as well as recent additions to the literature.
International Review of Economics & Finance - Farhad Rassekh
[T]his book is indispensible for scholars who seek answers to questions such as: How did the world economy evolve into its present form? What events shaped its current characteristics? What roles did trade play in shaping the modern world economy? Power and Plenty, an exemplary feat of scholarship, fully answers all these questions.
Review of Radical Political Economics - Michael Perelman
Power and Plenty is a fascinating book of both world history and economic history, full of detail on both accounts. . . . These ancient intrigues in unfamiliar times and places make for fascinating reading and remind us of how little progress people have made in resisting imperialism throughout the ages. On a more serious note, the book also provides an excellent window into the continuing costs of imperialism.
Scandinavian Economic History Review - Erik Lindberg
[T]his book is a masterful synthesis of economic analysis and historical narrative. It demands quite a lot of its readers, however, as its more than 600 pages are packed with facts, conclusions and implications for economic development, never hesitating to elaborate on the complexities of international trade relations during the last millennium.
Economist
[A] splendidly ambitious new book...an excellent reference book for anyone wanting a better understanding of economic developments in the last millennium.
Salon.com
Aiming at nothing less than documenting the history of world trade over the last 1,000 years, Power and Plenty...appears to be required reading...for the purposes of better understanding how the world works.
— Andrew Leonard
Foreign Affairs
This new history of the last thousand years of world trade is remarkable in both its grand sweep and its scholarly depth. It pieces together the story of global commerce from the medieval spice traders and nomads of Central Asia to the discovery and incorporation of the New World, to the Industrial Revolution and the rise of Europe, and to the globalizing forces of the postwar world economy. One theme is the importance of the 'vast webs of interrelationships' between western Europe and other regions that, beginning in the medieval period, set the stage for modern economic growth. The other theme is the critical role of war in propelling economic change through upheaval and adaptation.
— G. John Ikenberry
Financial Times
Power and Plenty is a wide-ranging survey, both of the facts and of the literature, not an essay organized around a single thesis. It takes on, and treats seriously, a ton of material. Bearing that in mind, it is...engaging...well written, spiced with nuggets of fascinating information and dry wit. [Findlay and O'Rourke's] economics is sophisticated and mainstream...but enriched with an unusual attention to noneconomic factors—or, as the authors put it, 'a sustained emphasis on conflict, violence and geopolitics.'
— Clive Crook
Shanghai Daily
[A] solid new book. Power and Plenty is an ambitious endeavor that examines the works in the second millennium in light of globalization, deglobalization, reglobalization, and globalization as we know it today. The book fills a gap by scrutinizing the technological and political causes behind the long-term trends during the past thousand years. [The authors] have drawn exhaustively on the historical, political, and economic literature of the relevant periods for virtually all the major regions in the world.
— Wan Lixin
Irish Times
In this magnificently conceived and executed work, Findlay and O'Rourke set out the history of global trade and show how it has been influenced by economic development and politics over the last thousand years. The authors have an important story to tell and they tell it superbly. This is a work brimming with scholarship, deftly combining narrative history with accessible economic analysis. This is a goldmine of a book. Open it where you will, there are nuggets to be extracted. It will remain the standard work on the history of world trade and indeed the development of the world economy for many years to come.
— Frank Geary
Choice
This magisterial volume presents an analytical history of world trade from 1000 CE to the present, with informed speculation about future trends thrown in for good measure. It is a very considerable achievement, for which Findlay and O'Rourke deserve great praise.
— M. Veseth
Economic Principals
[T]he best book of its sort since David Landes' Wealth and Poverty of Nations.
— David Warsh
World Trade Review
[T]his is a big, important work. . . . The authors have mastered an incredibly voluminous literature . . . and produced the only truly comprehensive history of trade in the second millennium. . . . [T]his is a book that should be widely read.
— David S. Jacks
Wider Angle
International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.
EH.Net
This is a well researched volume which is simply delightful to read. In most of the topics about which I have some knowledge, I found the analyses and the judgments offered by the authors both balanced and insightful. I expect this book will remain the standard text for many years to come.
— Sevket Pamuk
International History Review
This is a huge enterprise, an illuminating work, a tour de force that successfully combines political and economic history of a thousand years. . . . A major contribution to the history of and debates about globalization.
— Ivan T. Berend
Southern Economic Journal
Power and Plenty serves as an excellent one-volume survey on the role played by the interaction of economic and political forces in shaping the world economy of the last 1000 years. The book should be read by any serious student of world economic history, international trade, or international relations.
— John T. Dalton
New Global Studies
Power and Plenty . . . with its depth and extensive coverage, makes an excellent reference work for the study world history and the history of world trade. It is a work of superb scholarship befitting the scholarly reputations of each of the co-authors, Findlay for his work in the theory of international trade and development and O'Rourke for his studies in economic history and globalization. This book will be widely read, cited, and discussed as a landmark volume on its subjects.
— Stanley Engerman
Comparative Political Studies
By adopting a broad view across such an expanse of both space and time, Findlay and O'Rourke are able to perceive patterns that few others have identified and bring a compelling new perspective to several historical and theoretical debates that benefit from a larger view.
— Robert D. Fannion
Economic History Review
Findlay and O'Rourke provide an impressive survey of 1000 years of trade and its interaction with geopolitics and political economy on a global scale that strives consciously to avoid a Eurocentric stance. . . . [T]his is a compelling and valuable volume.
— C. Knick Harley
International Journal of Maritime History
Almost anyone researching an aspect of the history of international trade will find this an excellent and stimulating starting point and will be aided by an impressive bibliography that includes many older classics as well as recent additions to the literature.
— Simon Ville
International Review of Economics & Finance
[T]his book is indispensible for scholars who seek answers to questions such as: How did the world economy evolve into its present form? What events shaped its current characteristics? What roles did trade play in shaping the modern world economy? Power and Plenty, an exemplary feat of scholarship, fully answers all these questions.
— Farhad Rassekh
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Product Details

Meet the Author

Ronald Findlay is the Ragnar Nurkse Professor of Economics at Columbia University. He is the author of "Factor Proportions, Trade, and Growth"and "Trade, Development, and Political Economy". Kevin H. O'Rourke is professor of economics at Trinity College, Dublin. He is the coauthor of "Globalization and History".

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Table of Contents

Acknowledgments xiii
Preface xvi

Chapter 1: Introduction: Geographical and Historical Background 1
Western Europe 4
Eastern Europe 11
North Africa and Southwest Asia: The Islamic World 15
Central (or Inner) Asia 24
South Asia 29
Southeast Asia 33
East Asia (China, Korea, and Japan) 37

Chapter 2: TheWorld Economy at the Turn of the First Millennium 43
The Golden Age of Islam 48
China: The Sung Economic Miracle 61
The Indian Ocean and Southeast Asian Trade 67
The Pirenne Thesis 71
Eastern Europe: The Viking Connection 73
The Economy ofWestern Europe 80

Chapter 3: World Trade 1000-1500: The Economic Consequences of Genghis Khan 87
Trade and War in the Mediterranean and the Black Sea, 1000-1350 88
The Indian Ocean and the South China Sea, 1000-1350 98
The Pax Mongolica and Overland Trade, 1000-1350 101
Eurasia on the Eve of the Black Death 109
The Black Death 111
Trade between Western and Eastern Europe, 1350-1500 120
Overland Trade, 1350-1500: The Aftermath of the Pax Mongolica 124
The Emergence of Russia 126
The Middle East, the Mediterranean, and International Trade, 1350-1500 127
Southeast Asia and China, 1350-1500 133
Quantifying the Late Medieval Spice Trade 140

Chapter 4: World Trade 1500-1650: Old World Trade and New World Silver 143
Portugal, the Atlantic, and the Indian Ocean 145
Spain, Portugal, and the New World 158
The Pacific and East Asia 167
The Dutch Rise to Primacy in World Trade 175
Russia, Sweden, and the Baltic, 1500-1650 187
Southeast Asia during the Age of Commerce 194
The Cape Route, Venice, and the Middle East 204
Silver, Silk, and Spices 212

Chapter 5: World Trade 1650-1780: The Age of Mercantilism 227
Origins of the British Empire: Trade, Plunder, and Settlement 229
Mercantilism, Commercial Rivalry, and the Anglo-Dutch Wars 238
Britain, France, and the Dutch Republic 245
Britain and France: Commercial Expansion and the Second Hundred Years'War 247
India: The Disintegration of the Mughal Empire and the Transition to Colonial Rule 262
Southeast Asia and the End of the Age of Commerce 275
TheManchu Empire 284
China's Overseas Trade 286
Chinese and Russian Overland Trade 295
Conclusion 304

Chapter 6: Trade and the Industrial Revolution 311
Trade during the Industrial Revolution 324
Trade, Overseas Expansion, and the Industrial Revolution 330
Why Britain? Why Europe and Not Asia? 346
Conclusion 364

Chapter 7: World Trade 1780-1914: The Great Specialization 365
War and Revolution 366
The Revolutionary and Napoleonic Wars: Short-Run Implications 369
The Revolutionary and NapoleonicWars: Long-Run Implications 371
The Industrial Revolution and Transportation Technology 378
Bulk Commodities and Heckscher-Ohlin Effects 383
Nineteenth-Century Imperialism 387
Nineteenth-Century Trade Policy 395
Commodity Market Integration, 1815-1914 402
Complementary Factor Flows and the Great Frontier 407
Trade and the Global Division of Labor 411
Trade, Tropical Frontiers, and the Great Divergence 414
The Terms of Trade 424
Conclusion 425

Chapter 8: World Trade 1914-39: Deglobalization 429
WorldWar I 429
The Aftermath of War 435
Interwar Commercial Policy 443
Transport Costs 455
The Volume of World Trade 458
Price Convergence and Divergence 461
The Great Depression, the Collapse of World Trade, and the Developing Countries 465
The Collapse of the Ottoman Empire 469
Conclusion 471

Chapter 9: Reglobalization: The Late Twentieth Century in Historical Perspective 473
World War II 473
Geopolitical Consequences: Communism, the Cold War, and Decolonization 476
The Gradual Reconstruction of the Atlantic Economy: 1950-70 489
Policy Divergence: 1945-80 493
Reglobalization: 1980-2000 496
International Transport Costs 501
Trends in Openness: Quantities and Prices 505
Unraveling the Great Specialization 512
Openness and Convergence in the Late Twentieth Century 515
Conclusion 525

Chapter 10: Globalization at the Dawn of the Twenty-First Century 527
The Future of Globalization: Economic Challenges 534
The Future of Globalization: Political Challenges 539

Bibliography 547
Index 593

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